At least the economists seem to have a better grip on tech than Online Safety Bill pushers...
"Nobody in this country wants there to be programmable digital currency like the Chinese system, where the government can basically determine what you look at, what you're spending, and determine what you can spend it on," said a member of the Treasury Committee grilling the incoming deputy governor of Financial Stability for the Bank of England.
Treasury Committee member Danny Kruger pressed her:"Can you give assurances that the technology will not allow that [] in due course? How can we ensure that there is a sufficient sort of fire break in the tech to ensure that we are not empowering the state beyond the point that any of us would wish to go?"
Breeden added that the Bank and Treasury were hoping to summarize the response to the consultation before the end of the year, although no date has been decided.The MPC is in charge of setting the"Bank Rate," the interest rate the BoE pays commercial banks that hold money with the central bank .
There was an interesting back-and-forth about how the the central bank uses modeling and risk analysis, and whether they had anticipated some of the consequences of interest rate rises for residents who are coming off the highest inflation rise in 41 years.
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